This essay contrasts the production function approach to Kaldor's model of increasing returns which are demand-determined. In particular, the essay analyzes Kaldor's three major empirical "laws", which were adopted by later economists, and the criticisms of these three "laws" by economists who...

Traditionally, economists have considered that mathematics acts as a universal language that lends clarity to theoretical statements. This paper proposes that mathematics does not function as a mere language. Rather, the advocacy of particular theoretical views and the choice of mathematical...

We consider the kernel estimation of a multivariate regression function at a point. Theoretical choices of the bandwidth are possible for attaining minimum mean squared error or for local scaling, in the sense of asymptotic distribution. However, these choices are not available in practice. We...

Kaldor (1966) presented Verdoorn "law," having found a statistically significant relation between manufacturing productivity growth and manufacturing output growth using least squares on a small postwar sample that included Japanese data. Rowthorn (1975) claimed that the Verdoorn "law" fell...

This essay shows that the stable Phillips curve cannot be mapped off an aggregate supply curve that is linear or exponential. Yet many principles of economics books claim that the stable Phillips curve is a mapping of a stable aggregate supply curve. Treating the stable Phillips curve...